Selecting your deductible

There's no doubt about it, higher deductibles equal lower premiums. While increasing your deductible is an effective strategy for lowering your premiums, keep in mind that your deductible is the amount you will pay before insurance coverage begins.

Choosing a deductible comes down to a fundamental question: How much can you afford to pay out of your pocket in the event of an accident? Remember that if you aren't at fault and the other driver can be identified, their coverage will pay for repairs. Available deductibles for collision and comprehensive coverage are $300, $500, $1,000, and $2,000.

Choosing a deductible comes down to a fundamental question: How much can you afford to pay out of your pocket in the event of an accident?

A "waiver of deductible" on collision coverage provides the following benefit: If you're in an accident caused by an identifiable driver, you don't have to pay your deductible. This is very useful when the other driver isn't insured. If the other driver is insured, their insurance will cover your deductible and any damages up to their limit for "Damage to Someone Else's Property.

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Find out more about coverage options for your vehicle.